Last week the society halted all withdrawals after a run by shareholders sapped its cash reserves. Members panicked when they realised it had no Government-backed security.

YOUR Q&As ANSWERED BY THE PMS

The society directors appointed Arthur Boyd of Arthur Boyd and Company as administrator on Monday.

In Monday's News Letter the secretary of the Presbyterian General Assembly, the Rev Donald Watts, insisted that the Church and the society were two separate legal entities.

The General Assembly unanimously passed a resolution in June "encouraging" Presbyterians and their congregations "to avail" of the services of the society. However, Mr Watts said this did not constitute financial advice and that the Church did not have adequate assets to help.

Yesterday the latest of a number of readers contacted the News Letter expressing anger at the comments.

"Dr Watts states there is no connection between the Presbyterian Church and the Presbyterian Mutual Society," said the reader.

"But the Church's Board of Mission in Ireland website says, 'The Presbyterian Mutual Society was established in 1982 to encourage Presbyterians to save through their own church and manage such savings for their mutual benefit to enable shareholders to borrow at a competitive rate of interest'."

A spokesman for the Presbyterian Church said the website statement was "inaccurate".

He said: "No one has denied the links between PCI and PMS and the blurring of divisions that has led to this inaccurate statement that encourages Presbyterians to 'save through their own church'.

"The particular website it appears on was an interim site of the Board of Mission in Ireland and should have been taken down before it launched its official site at www.missionireland.org.

"However, it serves to illustrate that while the Church and the society are separate legal entities, that has at times been unclear."

Yesterday the society administrator acted on News Letter reader feedback and updated its website with questions, answers and contact details.